The Real Estate sales performance of the College-Glen neighborhood for the year of 2023

Information on the 2023 real estate market performance as well as yearly trends for 2022,2021 in the College-Glen neighborhood. .

· Average Sales price increased from $499,196 to $541,533     

· Average Days on Market went up from 11 to 17.

· The number of sales went down from 114 to 78 .

· 47 of the 78 sales had multiple offers!

· The highest priced sale in 2022 was $705,000.

· Of the 78 buyers: 63 used Conventional financing, 5 FHA, 5 All Cash, 3 VA and 2 other.

· What an interesting year it was in Real Estate!!! 2022 started off hot, favoring sellers and prices skyrocketing.  BUT by the end of the year it was a different story as interest rates shot up to 7%, many buyers backed off and the market slowed down. Less sales and less competition resulted in prices lowering a bit in the second half of the year. Looking forward, the market in 2023 is going to really depend on mortgage rates. if they can stay close to 6% or even lower than we should expect an average year with prices stabilizing and the market finding some normalcy. If rates shoot up again above 7% then all bets are off.  Regardless, houses are selling. Yes, buyers are being more picky and negotiating more but if you follow the right formula you will have success. The homes that are priced right, show well and have great marketing are getting sold! The others are sitting with multiple price drops to try and attract buyers.